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Lakshmi Machine Works feels heat of slowdown

12
Jun '09
Lakshmi Machine Works Ltd, the Coimbatore based well known manufacturer of textile machinery has reported a dip in net sales as well as a substantial dip in net profits for the fiscal year as well fourth quarter ending in March 2009.

For the fiscal that ended in March 2009, sales slipped to Rs 13.38 billion and net profits fell to Rs 1.06 billion from Rs 22.05 billion in net sales and Rs 2.42 billion in net profits recorded in the previous fiscal ending March 2008.

In the fourth quarter of the fiscal in consideration, net sales declined to Rs 1.80 billion and net profits Rs 80.4 million when corresponded with Rs 6.03 billion and Rs 6 billion respectively registered in the quarter ending March 2008.

The fall in sales and net profits, more so in the fourth quarter of the fiscal ended March 2009, is a direct fall out of the slowdown in the textile industry due to which new investments in machinery and equipment was put on the back burner.

Fibre2fashion News Desk - India


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